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Everyone thought that when the federal government stopped buying mortgage-back securities in March of this past year that interest rates would go up. I even blogged about way back and told buyers that it would happen...but it didn't! So the big question is WHY? Well, you have our friends in Europe to thank!
With Greece in debt not to mention a few other countries in Europe, spending has decreased and on top of it, the European Union and the International Monetary Fund has to provide a loan of 1 trillion dollars to help these countries pay off their debt. As a result, the Euro has dropped in value from 1.59 against the dollar to 1.22. As a result, investors are ditching the Euro and buying United States Treasuries.
Are interests rates are staying low, the lowest we have ever seen them (4.84%). Guess what though, it can stay like this forever! And the new prediction by most, is that you will start to see the rate creep up by the end of the year. Lock in a 30 year fix right now for high fours/low fives.... it's basically FREE MONEY for the feds!